Ritchie Bros.’ Second-Quarter Income Dips

Ritchie Bros. Auctioneers earned $38.8 million, or 37 cents per share, in the second quarter, compared with $45.9 million, or 43 cents, a year ago.

Net earnings for the three months ended June 30, 2009 were $38.8 million, or $0.37 per diluted share, compared to net earnings for the three months ended June 30, 2008 of $45.9 million, or $0.43 per diluted share. Adjusted net earnings for the three months ended June 30, 2009 were $38.8 million, or $0.37 per diluted share, which represented a 2% increase over the adjusted net earnings for the three months ended June 30, 2008 of $37.9 million, or $0.36 per diluted share.

Gross auction proceeds dipped to $1.1 billion, from $1.16 billion a year ago, the company said in a statement.

Ritchie Bros. auctions industrial equipment, including trucks. It said it sold almost $425 million of trucks and other equipment and assets to online bidders in the first half of the year, up 15% from a year ago.